I'm not saying drop ALL competitive entrance exams. I'm saying you should have enough of the "Junior College-equivalent"-level schools so that anyone with a pulse and the money can take first-term courses.
Leave the stress of competition for people who want to go to a mid-or-higher-teir school.
What is the value of a Junior College 2-year degree over a trade school that just grants a "career diploma"? In the United States,a 2-year degree with good grades can let you transfer into a low- or mid-teir 4-year school even if you barely passed high school and would've failed your entrance exams if you had taken them at age 18. You probably won't be able to transfer all of your classes, but you'll likely be able to enter as a sophomore.
Exampe: Teenager who COULD graduate in the top quarter of his class and score in the top quarter on SAT/ACT or other entrance exams is a lazy goof off. He barely passes high school and has a McJob for a few years. After a few years, he realizes he wants to go to University. Thankfully, he's in a country with 2- (and 4-year) community colleges. He enrolls in his local community college, gets straight As, then transfers to a mid-tier 4-year school. He completes his Bachelors, again with straight-As. He scores well on his graduate school admission exams and gets a Ph.D. from a decently-respected graduate school and goes off to have a rewarding, upper-middle-class career.
If he lived in a country where "if you don't enter college right out of high school, tough on you" was the way things were, MAYBE he would've gotten his act together well before high school, but more likely he would've been stuck with low-paying/no-college-required jobs his whole career. That would be bad for him, but it would also be bad for society.